A Kazakh company has offered $1 billion for the Russian "Lukoil" oil refinery located in Bulgaria.
According to Ukrinform, this was reported by Euractiv.
The refinery located in Burgas already receives about 40% of its supplies from "KazMunayGas." It is noted that the purchase of the refinery will strengthen the positions of Kazakhstan's state oil and gas company in the European market.
"KazMunayGas" also owns a refinery in Romania, which has several gas stations in Bulgaria under the Rompetrol brand. The deal to acquire the Lukoil refinery will more than double the European refining capacities of the Kazakh company, the report states.
Euractiv, citing Bloomberg data, reports that Litasco, a Swiss subsidiary of Russian "Lukoil," has already received offers from several potential buyers of the refinery, including "KazMunayGas."
"KazMunayGas" is discussing financing options for the potential deal with the Swiss company Vitol Group – the largest independent oil and gas trader in the world, which has significant influence in Kazakhstan. A subsidiary of Vitol holds a license for trading electricity and gas in Bulgaria.
It is reported that the sale process for Lukoil Neftochim Burgas will last about a month. According to the terms of the agreement, the funds will be transferred to Litasco, which is owned by "Lukoil" and is not under Western sanctions. The company must ensure that the funds are not transferred to Russia.
It is also mentioned that "KazMunayGas" is seeking support for its proposal from the Bulgarian government, asserting that the Lukoil Neftochim Burgas refinery is intended for processing Russian oil, which is similar in quality to Kazakh oil.
As reported by Ukrinform, in July 2023, the Bulgarian parliament supported a bill stating that the Rosenets port, currently under the concession of the Russian company "Lukoil," will return under the control of the Bulgarian state.
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